Dubai regulator grants crypto license to Bahrain’s CoinMENA

The permit allows CoinMENA to provide retail and institutional customers in the United Arab Emirates with the ability to deposit and withdraw in UAE dirhams.

Dubai’s Virtual Assets Regulatory Authority (VARA) has awarded a virtual asset service provider (VASP) license to Bahrain-headquartered cryptocurrency exchange CoinMENA to operate and offer services in and from the Emirates.

The license acquired by CoinMENA FZE, the Dubai subsidiary of CoinMENA B.S.C., permits the platform to offer virtual asset broker-dealer services, the Dec. 12 announcement shared with Cointelegraph said. It comes a year after the platform obtained a provisional license from the Dubai regulator.

The exchange said it is already in partnership with digital banking platform Zand.

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